[Newsletter]

The Consolidation

Issue 010·Sep 21, 2026

The Senate blocks the Clarity Act. Bitcoin clears $85,000. Strategy is back on the bid.

The Senate fails cloture on the Clarity Act 49-50 and likely ends market-structure legislation for 2026, the CFTC and SEC pivot to rulemaking with a five-year tokenized-stock exemption, Strategy returns to the bid with 950 BTC while buying back another $174 million of STRC, Bitcoin clears $85,000 for the first time since January, and Dan Hillery makes the digital credit case on Allocators Edge.

Read issue 010
[ Past Issues ]
Issue 009·Sep 9, 2026

Strategy doubles its credit buyback to $2 billion.

Strategy skips the Bitcoin bid for a week to buy back $176.3 million of STRC and lifts its digital credit repurchase authorization to $2 billion, Strive adds 1,375 BTC to reach 24,531, Liquid gets 3,400 of roughly 4,000 drained coins back through on-chain negotiation, Bitcoin posts its third-best August on record, and MSCI consults on a rule that would push treasury companies out of its main indexes.

Issue 008·Aug 24, 2026

Bitcoin breaks $79,000.

Bitcoin runs from the low $60,000s to a brief print above $79,000 after Trump’s CLARITY Act push and a Treasury buyback expansion, Strategy raises $2 billion without touching its 840,447 BTC, UTXO publishes a digital credit explainer, Ray Dalio makes the debt-crisis case, and Metaplanet commits 2,100 BTC to a Nasdaq vehicle.

Issue 007·Aug 10, 2026

Coldcard losses pass $114 million.

The largest hardware wallet exploit on record climbs past $114 million, spot ETFs post their strongest week since April, Strategy sells 1,690 BTC to repurchase STRC, the Clarity Act slips to September, and BIP-110’s minority chain dies after two blocks.

Issue 006·Jul 27, 2026

Strategy completes the Digital Credit playbook.

UTXO’s Sixth Lever on completing Strategy’s capital framework, a $15M institutional consortium for Bitcoin security, BlackRock’s quantum report, Kazakhstan’s miner-funded reserve, and a market consolidating in the mid-$60,000s.

Issue 005·Jul 13, 2026

Strategy’s largest sale to date.

UTXO’s new Digital Credit Primer, Strategy’s record 3,588 BTC sale to service preferred dividends, BitGo’s quantum-risk custody controls, and a market recovering toward $64K on resilient ETF demand.

Issue 004·Jun 29, 2026

UTXO settles the first Bitcoin Depositary Receipt

Inside the first Bitcoin Depositary Receipt to settle through DTC, the STRC flash crash and Strategy’s disciplined response, and what 50-50 CLARITY odds mean for the fall calendar.

Issue 003·Jun 15, 2026

SpaceX joins the Bitcoin treasury leaderboard

SpaceX discloses 18,712 BTC, Strive switches on daily dividends at 13% annualized, and Metaplanet acquires a Japanese broker: the treasury playbook goes multinational.

Issue 002·Jun 2, 2026

Strategy sells BTC

What Strategy’s first sale in four years actually signals, the CFTC’s green light for regulated Bitcoin perpetuals, and UTXO’s first institutional position in Bitcoin staking on Stacks.

Issue 001·May 18, 2026

Strategy crosses 843k BTC.

Strategy’s $2B accumulation week, the CLARITY Act clearing committee 15–9, MARA’s pivot to AI, and why corporate bids are holding the floor while ETF flows turn negative.